Bitcoin's recent price movements indicate a complex adjustment pattern, with on-chain metrics and institutional capital flows highlighting market turbulence. Long-term holders have been net sellers, while short-term holders face increasing unrealized losses. Despite macroeconomic tightening, institutional inflows into Bitcoin ETFs, including a $75.47 million net inflow on November 19, suggest cautious optimism. BlackRock's IBIT fund is among those showing interest, as institutions hedge against high interest rates and Fed policy uncertainty. A potential bull market reversal could occur if key on-chain and macroeconomic conditions align, shifting dynamics from distribution to accumulation.